DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Arete Wealth Advisors LLC

Arete Wealth Advisors LLC increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 8,336 shares of the company’s stock after purchasing an additional 576 shares during the period. Arete Wealth Advisors LLC’s holdings in DraftKings were worth $310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Westpac Banking Corp acquired a new stake in shares of DraftKings in the 4th quarter worth $44,000. Bryce Point Capital LLC purchased a new position in DraftKings during the fourth quarter worth about $1,574,000. Massachusetts Financial Services Co. MA lifted its position in DraftKings by 18.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company’s stock valued at $252,867,000 after purchasing an additional 1,036,763 shares during the period. Scholtz & Company LLC purchased a new stake in DraftKings in the 4th quarter valued at approximately $1,806,000. Finally, Geode Capital Management LLC boosted its holdings in DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after purchasing an additional 89,988 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Benchmark raised their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Susquehanna reduced their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Finally, BTIG Research set a $59.00 target price on shares of DraftKings in a research report on Monday, February 3rd. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.42.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the transaction, the insider now owns 682,764 shares in the company, valued at approximately $26,593,657.80. This trade represents a 48.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This represents a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,775,525 shares of company stock valued at $117,241,446. Insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG opened at $31.67 on Monday. The company has a market capitalization of $15.83 billion, a price-to-earnings ratio of -29.88, a PEG ratio of 1.43 and a beta of 2.16. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company’s 50 day simple moving average is $41.21 and its 200 day simple moving average is $40.17.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.